Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ (176,697,000) $ (6,091,000) $ 14,805,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation expense 6,156,000 2,694,000 353,000
Annual Amortization Expense 14,192,000 14,016,000 6,409,000
Amortization of inventory fair value adjustment 707,000 15,908,000 0
Amortization of debt issuance costs 647,000 596,000 0
Non-cash interest expense 0 11,000 0
Loss on extinguishment of debt 0 10,924,000 0
Lease incentives 1,722,000 361,000 0
Non-cash operating lease expense 9,779,000 6,246,000 0
Equity-based compensation 6,730,000 8,043,000 1,380,000
Deferred income taxes, net (4,064,000) (11,951,000) (2,908,000)
Goodwill impairment 173,786,000 0 0
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (602,000) (858,000) (833,000)
Inventory (16,257,000) (32,131,000) (9,375,000)
Prepaid expenses and other current assets 6,134,000 (11,543,000) 20,000
Accounts payable (1,888,000) 6,038,000 (2,776,000)
Income taxes payable (2,442,000) (9,329,000) 3,688,000
Accrued liabilities (7,419,000) 26,678,000 8,648,000
Returns reserve (2,678,000) 3,091,000 863,000
Deferred revenue 267,000 7,197,000 1,493,000
Lease liabilities (8,392,000) (5,932,000) (55,000)
Net cash provided by (used in) operating activities (319,000) 23,968,000 21,712,000
Cash flows from investing activities:      
Acquisition of businesses, net of cash acquired (5,321,000) (249,302,000) (600,000)
Purchase of noncontrolling interest 0 (20,198,000) 0
Purchases of intangible assets (247,000) (841,000) (451,000)
Purchases of property and equipment (19,746,000) (7,734,000) (1,328,000)
Net cash used in investing activities (25,314,000) (278,075,000) (2,379,000)
Cash flows from financing activities:      
Proceeds from initial public offering, net of issuance costs 0 96,863,000 0
Payments of costs related to initial public offering (1,142,000) 0 0
Proceeds from line of credit, net of issuance costs 40,000,000 34,150,000 10,889,000
Repayment of line of credit 0 (42,204,000) (10,099,000)
Proceeds from issuance of debt, net of issuance costs (121,000)    
Proceeds from issuance of debt, net of issuance costs   254,134,000 0
Repayment of debt (5,600,000) (155,762,000) 0
Taxes paid related to net share settlement of equity awards (104,000) 0 0
Proceeds from issuances under equity-based compensation plans 227,000 0 0
Proceeds from issuance of units 0 82,669,000 450,000
Net cash provided by financing activities 33,260,000 269,850,000 1,240,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash (272,000) (1,824,000) 735,000
Net increase in cash, cash equivalents and restricted cash 7,355,000 13,919,000 21,308,000
Cash, cash equivalents and restricted cash at beginning of year 41,018,000 27,099,000 5,791,000
Cash, cash equivalents and restricted cash at end of year 48,373,000 41,018,000 27,099,000
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 46,319,000 38,832,000 26,259,000
Restricted cash 2,054,000 2,186,000 840,000
Total cash, cash equivalents and restricted cash 48,373,000 41,018,000 27,099,000
Supplemental disclosure of cash flow information:      
Interest paid 6,296,000 7,901,000 278,000
Income taxes paid, net of refunds 2,329,000 20,626,000 4,875,000
Supplemental disclosure of non-cash investing activities:      
Consideration payable in connection with a business acquisition 0 4,901,000 0
Fair value of common stock issued in connection with the purchase of mnml 0 17,305,000 0
Right-of-use asset additions under operating leases 22,237,000 4,073,000 2,740,000
Offering costs not yet paid 0 1,142,000 0
Debt issuance costs not yet paid $ 0 $ 121,000 $ 0